Commercial and Industrial Energy Storage Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Commercial and Industrial Energy Storage Market covers analysis By Technology (Pumped Hydro, Electro-Chemical, Electro-Mechanical, Thermal); End-User (Residential, Non-Residential, Utilities) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Mar 2024

  • Report Code : TIPRE00029625
  • Category : Energy and Power
  • Status : Upcoming
  • No. of Pages : 150
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MARKET OVERVIEW
The global energy storage systems market is primarily driven by the surging consumption of energy and burgeoning demand for the efficient and uninterrupted power supply. The rapid industrialization and increasing economic activities across the globe is driving the demand for the energy storage systems to ensure the efficient power supply. The technological advancements in the energy storage systems and rising investments in the development of the energy storage infrastructure across the globe is expected to boost the growth of the global energy storage systems market.

MARKET SCOPE
The "Global Commercial and industrial energy storage Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the Commercial and industrial energy storage market with detailed market segmentation by technology, end-user, and geography. The global Commercial and industrial energy storage market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Commercial and industrial energy storage market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

  •  The global Commercial and industrial energy storage market is segmented on the basis of technology, and end-user.
  •  On the basis of product, the Commercial and industrial energy storage market is segmented into pumped hydro, electro-chemical, electro-mechanical, and thermal.
  •  Similarly, on the basis of application the Commercial and industrial energy storage market is bifurcated into residential, non-residential, and utilities.


MARKET DYNAMICS

Drivers:
    -
  •  Wind and Solar energy are stored in grids. These are the most sought-after alternative energy sources. Due to fluctuation in wind currents or insufficient availability of sunlight at times, the storage of these renewable energies in flexible grids is in high demand. Across the world, owing to grid modernization there is an increasing requirement for grid energy storage systems. The adoption of energy storage systems has created many opportunities for the Energy Storage Market.
Restraints:
    -
  •  Energy Storage Market restraints are the high price and difficulty of deploying these systems in remote area.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Commercial and industrial energy storage oil market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Commercial and industrial energy storage oil market in these regions.

IMPACT OF COVID-19 ON COMMERCIAL AND INDUSTRIAL ENERGY STORAGE MARKET
The global commercial and industrial energy storage industry has been significantly impacted by the COVID-19 outbreak. The production facilities of the electronics and semiconductors have been halted, owing to the slowdown and unavailability of the workforce across the globe. COVID-19 outbreak has caused a significant and protracted drop in manufacturing utilization, and travel bans & facility closures kept workers out of their factories, which led to slowdown in the growth of the commercial and industrial energy storage market revenue in 2020. The Asian and European countries under lockdowns have suffered major loss of business and revenue, due to the shutdown of manufacturing units in the region. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; thereby, leading to slowdown in the growth of the electrical cable market in 2020.
However, the negative impact of COVID-19 on the commercial and industrial energy storage market is expected to be there for a short period of time, and by early 2021 the market is anticipated to observe robust recovery rate along with the extensive demand for commercial and industrial energy storage products post pandemic. This is due to the fact that a rise in number of market players are reassessing their strategies and coming up with quick responses to stabilize their supply chain

World Geography

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MARKET PLAYERS

The report covers key developments in the Commercial and industrial energy storage oil market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Commercial and industrial energy storage oilmarket market are anticipated to lucrative growth opportunities in the future with the rising demand for Commercial and industrial energy storage market in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Commercial and industrial energy storage market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

  •  LG Chem.
  •  Beacon Power, LLC
  •  Convergent Energy and Power Inc.
  •  BYD Company Ltd.
  •  ABB Ltd.
  •  Greensmith Energy Management Systems
  •  Seeo, Inc.
  •  S&C Electric Company
  •  Scheider Electric
  •  SMA Solar Technology AG.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

The List of Companies

1.LG Chem
2.Beacon Power, LLC
3.Convergent Energy and Power Inc.
4.BYD Company Ltd.
5.ABB Ltd.
6.Greensmith Energy Management Systems
7.Seeo, Inc.
8.SandC Electric Company
9.Scheider Electric
10.SMA Solar Technology AG

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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